ECON 303 Intermediate Microeconomics College of Business and Economics Fall 2016 Course Syllabus Instructor: Dr. Kelly Chen Office Hour: W&F 12-1pm or by Appointment Course Time: Tu&Th 12:00-1:15 p.m. Office Location: MBEB 3205 Course Location: MBEB 1210 Email: kellychen@boisestate.edu Course Website: Blackboard Phone: (208) 426-3346 Course Description This course will explore the decision making of economic agents (consumers and firms). We will discover how different market mechanisms operate in order to allocate resources. This course will build upon and broaden the skills and economic concepts that you learned in ECON 202. This is a 300-level course and therefore, it will be demanding. MATH 160 is a prerequisite for this class and good knowledge of calculus is essential for success in this class. ECON 303 is designed to extend your knowledge of the basic microeconomic theory that will provide the foundation for your future work in economics, and will give us insight into how economic models can help our thinking about important real world phenomena. Topics include: the behavior of individuals and firms, the interaction of these agents in the marketplace, and the organization of markets and its implications for firm behavior. We will begin with traditional neoclassical microeconomics called consumer theory or theory of consumer behavior. This will be followed by the portion on producer theory or the theory of the firm. Next we will combine both consumer and producer theory to discuss market structure and types of industrial organization, including perfect competition, monopoly, monopolistic competition and oligopoly. We will discuss how markets interrelate in an economy and the efficiency of the competitive system. In the final section of the course, we will explore a few more modern topics of microeconomics, such as game theory and strategic decision-making. The course will prepare you for more advanced studies in economics, as well as in managerial and public policy decision making. Prerequisite Test Very early in the semester, there will be a multiple choice test covering basic ideas of supply, demand, equilibrium conditions, elasticity and calculus. The purpose of the pretest is to help you review useful materials from principles of microeconomics and calculus that will help you succeed in the Intermediate Microeconomics class. Everyone is required to take this test. This test must be taken in the Testing Center located in the Education Building, 4th Floor, Room E418. You do not need to make an appointment to take this test. Regular hours of the Testing Center are Monday-Friday from 8 a.m. to 8 p.m. You have until September 9, 2016 (the end of third week) to take the pretest and can have up to three tries. For each try, you must complete 30 multiple choice questions in 60 minutes. The test is worth 10% of your final grade, and only your highest score from all attempts will be recorded. 1
Professor Don Holley at the Department of Economics is offering boot camp sessions during the first three weeks of the semester to help you prepare for this test and review important concepts to be successful in ECON 303. Attendance to the boot camp sessions is optional. All sessions will take place in the MBEB, Room 4001 (4th floor MBA room) from 11 a.m. to 12:30 p.m. on the following Fridays: Friday, August 26, 2016 Friday, September 2, 2016 Friday, September 9, 2016 Please see the Microeconomics Review slides posted on Blackboard under Syllabus & Slides for Boot Camp. These slides cover many of these prerequisite materials for your review. In addition, I recommend you check out the following link in Khan Academy that covers these concepts in short videos: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium. Course Materials The text for this course is Microeconomics, 8 th (or 7 th ) edition, by Robert Pindyck and Daniel Rubinfeld, Pearson Prentice Hall. Though purchase of the textbook is optional, access to MyEconLab, an online learning tool designed by Person Education, is required. There will be weekly assignments that are worth 15% of your final grade. There are two different ways to purchase the textbook and/or MyEconLab: 1. You can either purchase a hardcopy of the book at the bookstore (and/or access to MyEconLab), or 2. You can purchase a web copy of the book through MyEconLab. Please register at myeconlab.com using course ID chen02129 during the first two weeks of classes in order to avoid missing assignments. A detailed instruction on how to register and enroll in the course can be found at the end of the syllabus and also on Blackboard under MyEconLab Registration Instructions. In addition to the textbook, I will post a set of lecture notes on Blackboard before each class. These lecture notes, however, will be incomplete. They contain verbal descriptions and numerical exercises but have no graphs or solutions. You may print the notes out and bring them to lecture, so that you can draw the diagrams/do the practice problems directly on them. Grading The evaluation will be based on both individual and group work: 1. Prerequisite Test: 10% 2. 10 Weekly Assignments: 15% (1.5% each) 3. 10 Group Exercises: 15% (1.5% each) 4. Two Midterm Exams: 40% (20% each) 5. Final Exam: 20% Assignments: Throughout the course, 11 weekly assignments will be made available on MyEconLab. A short tutorial is provided under Assignments on MyEconLab (i.e. Getting Started - How to use MyEconLab) to get you familiarized with its web interface if you never used the site before. You are encouraged to discuss your assignment problems with others, but you must turn in your own individual work. The best 10 out of 11 will account for 15% of your final grade (i.e. 1.5% each). Each assignment must be submitted before the deadline (11pm on a Sunday; for details see MyEconLab). 2
Group Exercises: Weekly exercises will be given at the beginning of a class and can be completed in groups of maximum three. The exercises are closed book, closed notes. The best 10 out of 12 exercises will account for 15% of your final grade. You can select your own group members, but once a group is formed you should collaborate with the same group member(s) on the remaining exercises. All members of the group will receive the same score. Each exercise will be about 10-15 minutes in length and will not be very hard. These exercises are designed to reward those who regularly attend class and do their work. Therefore, no make-up exercises will be given under any circumstance. Any missed exercise will be given a mark of zero unless a note from a doctor is provided explaining the absence and acknowledging the missed exercise. Exams: There will be two non-cumulative midterm exams and a cumulative final exam. You are required to take at least one midterm and the final exam. In order to pass the course, you must pass the final exam. If you miss a midterm, the weight of the midterm will be added to the final exam. If you perform better on the final exam than on any of the midterm(s), then the weight of the midterm(s) will be added to the final exam. In other words, your performance on the final exam can count as much as 60% of your final grade. The final exam will be held in the classroom on Tuesday, December 13 12:30-2:30pm. Please note calculators are only recommended, and not required for these exams. If you wish to use one on the exams, the only type that will be permitted is the one with standard function such as the Sharp EL-233SB model: Academic Dishonesty Cheating, plagiarism and other forms of misconduct will not be tolerated. As mentioned before, you can work together on homework assignments, but each of you must submit your own work. Submitting someone else s work as your own, or letting someone else submit your work as theirs constitutes cheating. If you are unsure what constitutes academic dishonesty, take a look at page 13 on the following web link: http://registrar.boisestate.edu/catalogs/03-04undergradcatalog/chapter2.pdf. Disabilities If you have a disability that requires special accommodation in class, for assignments, exams or any other task please come and see me by the second week of class. For information regarding disabilities and accommodations that the University can make for you see http://drc.boisestate.edu/faq/index.cfm?subsection_id=46. Course Outline Note: The coverage might change as it depends on the progress of the class. Week Date Topics Deliverables 1 8/23 Orientation to the Course 8/25 Supply and Demand (Ch. 1.1-1.4; 2.1-2.3) 2 8/30 Supply and Demand (Ch. 2.1-2.3) 9/1 Group Exercise #1 3 9/6 Price Elasticity of Demand (Ch. 2.4) 3
9/8 Group Exercise #2 HW #1 due by 11pm 9/11 4 9/13 Price Elasticity of Demand (Ch. 2.4) 9/15 Consumer Behavior and Demand (Ch. 3.1-3.3; 3.5; 4.1-4.3) Group Exercise #3 HW #2 due by 11pm 9/18 5 9/20 Consumer Behavior and Demand 9/22 (Ch. 3.1-3.3; 3.5; 4.1-4.3) Group Exercise #4 HW #3 due by 11pm 9/25 6 9/27 Consumer Behavior and Demand (Ch. 3.1-3.3; 3.5; 4.1-4.3) 9/29 The Cost of Production (Ch. 6.2; 7.1-7.4) Group Exercise #5 HW #4 due by 11pm 10/2 7 10/4 The Cost of Production (Ch. 6.2; 7.1-7.4) 10/6 Profit Maximization and Competitive Supply (Ch. 8.1-8.8) 8 10/11 Review for Midterm 1 10/13 Midterm 1 Group Exercise #6 HW #5 due by 11pm 10/9 9 10/18 Profit Maximization and Competitive Supply (Ch. 8.1-8.8) 10/20 Group Exercise #7 HW #6 due by 11pm 10/23 10 10/25 The Analysis of Competitive Market (Ch. 9.1-9.2) 10/27 Group Exercise #8 HW #7 due by 11pm 10/30 11 11/1 Market Power: Monopoly (Ch. 10.1-10.4; 10.7) 11/3 Group Exercise #9 HW #8 due by 11pm 11/6 12 11/8 Game Theory and Business Strategy (Ch. 13.4-13.7) 11/10 Group Exercise #10 HW #9 due by 11pm 11/13 13 11/15 Review for Midterm 2 11/17 Midterm 2 14 11/22 NO CLASS; THANKSGIVING 11/24 15 11/29 Game Theory and Business Strategy (Ch. 13.4-13.7) 12/1 Pricing with Market Power (Ch. 11.1-11.4) Group Exercise #11 HW #10 due by 11pm 12/4 16 12/6 Pricing with Market Power (Ch. 11.1-11.4) 12/8 Review for Final Exam Group Exercise #12 HW #11 due by 11pm 12/11 17 12/13 Final Exam 12:30-2:30pm 4
Boise State University Learning Outcomes Students in this class will learn or practice the following COBE Core Curriculum concepts, methods, and skills: 1. Understand and apply analytical and disciplinary concepts and methods related to business and economics: 1.3. Economics 2.1. Communicate effectively: Write messages and documents that are clear, concise, and compelling 2.2. Communicate effectively: Give oral presentations that use effective content, organization, and delivery 3. Solve problems, including unstructured problems, related to business and economics 4. Use effective teamwork and collaboration skills 5. Demonstrate appropriate principles of responsible business practices 5
How to Register and Enroll in Your MyEconLab Course Welcome to MyEconLab! Your instructor has set up a MyEconLab course for you. Textbook: Pindyck/Rubinfeld: Microeconomics, 8e Course Name: FA16 - ECON 303 - Intermediate Microeconomics Course ID: chen02129 To join your instructor's course, please complete the following two steps: 1. Register for MyEconLab. 2. Enroll in your instructor's course. To register, you will need: 1. A valid email address. 2. The access code that came with your MyEconLab Kit or a credit card or Pay Pal account if you wish to purchase access online. 3. The Course ID listed above. Please Note: If you have an Access Kit that came with your book or that you purchased separately, the instructions may be different than what you are reading here. Please disregard those instructions and follow the steps below. The code in your kit is still valid for the version of MyEconLab that your instructor is using. Step 1: Register for MyEconLab 1. Go to http://www.myeconlab.com and click the Student button, in the Register section. 2. Enter your Course ID: chen02129. 3. Choose to register an access code or to buy access. 4. Follow the instructions to set up your login and password for your course. Step 2: Enroll in your instructor's course 1. Login to MyEconLab at http://www.myeconlab.com with your newly created Login Name and Password. 2. Enter your course ID: chen02129. 3. If you purchased access, visit the Student Center inside your Instructor's Course for additional purchase options. 4. Need Help? For assistance, please visit http://www.myeconlab.com/support. 6